News

US Crypto investors will need to report earnings

Published

5 years ago

May 21, 2021

The Biden administration has revealed new measures that will require crypto investors to report their digital earnings to the US tax office

Cryptocurrency transfers of more than $10,000 will need to be flagged with authorities, as Biden moves to tighten regulations surrounding the currencies.

These new measures are designed to prevent tax evasion within the underregulated sector, and come one day after China revealed it would also be cracking down on the crypto market.

The price of Bitcoin fell 5 percent after the announcement, following a week of disastrous slumps for the world’s most popular crypto.

Just when you though President Biden wants $80 billion for an army of IRS agents to go after the rich – the administration looking to double staff to go after crypto.

Treasury says used significantly for tax evasion and should holders should report transactions over $10,000
— Charles V Payne (@cvpayne) May 20, 2021

Chair of the US Federal Reserve, Jay Powell says authorities should be “paying attention to private-sector payments innovators who are not within the traditional regulatory arrangements applied to banks and other financial institutions”.

Related Topics:Featured trending

Up Next

Israel and Hamas ceasefire comes into effect

Don't Miss

Prince William slams BBC over Diana interview

William Howard

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

Click to comment